This week’s top headlines: Virgin Money chief executive to retire as Nationwide deal completes and HTB launches BTL range with cheaper rates for lower risk deals.
Explore these and other major industry updates below:Virgin Money chief executive to retire as Nationwide deal completes
Chris Rhodes will retire later this year following Nationwide Building Society’s takeover of Virgin Money.
He will step down from his executive roles in May and leave the group entirely in September after more than a decade with Nationwide, during which he also led and stabilised Virgin Money, according to chief executive Debbie Crosbie.
HTB launches BTL range with cheaper rates for lower risk deals
Hampshire Trust Bank has launched a new buy-to-let mortgage range called Flow, offering rates around 55 basis points lower than its Core products for simpler, lower-risk cases, with deals starting from 5.54%.
Its existing Core and Bespoke ranges remain in place to support more complex and higher-value lending.
ERC appoints Gorbutt-Powell as head of risk, policy and compliance
Equity Release Council has appointed Tracy Gorbutt-Powell as head of risk, policy and compliance, bringing more than 20 years’ experience across lenders and broker networks including NatWest, HSBC, Lloyds Bank and Mortgage Advice Bureau.
She will report to Kelly Melville-Kelly and support the organisation’s expanded remit in later life lending, with the appointment aimed at strengthening governance and maintaining high industry standards.
Rising house prices fuel inheritance disputes
TWM Solicitors reports a 12% rise in inheritance disputes last year, with probate caveat applications increasing to over 11,500, driven in part by rising house prices and more complex family structures.
Data from the Ministry of Justice highlights growing tensions as higher-value estates and blended families lead to more challenges over wills, while the low cost of filing caveats makes it easier for individuals to contest estate administration.
BDLA bolsters executive board with three appointments
Bridging & Development Lenders Association has appointed Claire Newman, Sam Howard and Christopher Taylor to its executive board following member elections to replace retiring directors.
The trio took up their roles on 1 April, with chief executive Adam Tyler highlighting strong member engagement and thanking outgoing board members for their contribution.
Paradigm hires Weiss to lead sales and promotes two
Paradigm Mortgage Services has appointed Louise Weiss as head of sales to drive membership growth across its mortgage, protection and compliance offering, joining from Bank of Ireland.
The firm has also promoted Tom Hunt to commercial director and Daniel Davenport to business insights and team manager, reflecting its focus on strengthening performance and supporting future growth.
Together launches suite of commercial and semi-commercial products
Together has launched a new range of commercial and semi-commercial second charge and bridging products designed to help borrowers release equity without refinancing their main mortgage.
The suite offers loans of up to 65% loan-to-value and includes both term and short-term options, with managing director of intermediary sales Tanya Elmaz saying the products provide brokers and clients with more flexibility in accessing capital.
Rise in probate delays bringing home sales to a halt
Probate delays have risen sharply, with data obtained by Quilter showing cases taking more than six months more than doubling since the pandemic, alongside significant increases in those lasting over a year or even close to two years.
These delays are preventing families from accessing assets such as property and bank accounts, while also increasing costs where inheritance tax interest accrues after six months. Experts warn the situation could worsen further if pensions are brought into the inheritance tax net from April 2027.
BSA hails lower capital rules – but calls for more with lower-risk mortgages
The Building Societies Association has welcomed the Financial Policy Committee’s decision to reduce UK lenders’ capital requirements from 14% to 13% of risk-weighted assets, saying it could support lending and economic growth.
However, the BSA also questioned whether capital rules remain overly restrictive, arguing that building societies have shown resilience through recent economic shocks with no material rise in mortgage losses.
It suggested there may be scope to ease certain lending requirements further, noting that current capital buffers may be disproportionate to actual risk levels in low-risk mortgage lending.
Afin Bank offers free legal fees on remortgages
Afin Bank has introduced a limited-time offer providing free legal fees on successful remortgage applications submitted before the end of May, with potential savings of at least £900 for loans under £1 million and up to £1,800 for larger mortgages.
The incentive applies to customers using its Express remortgage service via Movin’ Legal, and the lender also allows capital raising within remortgage applications to support home improvements or debt consolidation.
